Star Bulk Sells Four Bulkers

Greece-based dry bulk shipping company Star Bulk Carriers Corp. has signed agreements to sell two Capesize vessels and two Kamsarmax vessels for an aggregate gross price of USD 122 million.

The company did not disclose the buyers, nor the names of the vessels.

The bulkers are expected to be delivered to their new owners during the first quarter of 2016.

The announcement comes on the back of the company’s efforts to maintain a strong liquidity position.

During the third quarter of 2015, Star Bulk disposed of three vessels, while one more vessel was sold in October of 2015 with total net proceeds of USD 19.5 million after repayment of relevant debt facilities.

During the same month the company took delivery of the Ultramax vessel Star Antares, and reassigned a lease for a newbuilding vessel back to the vessel’s owner for a one-time payment of USD 5.8 million.

Additionally, Star Bulk agreed in principle with certain shipyards to defer the delivery of four newbuilding vessels to 2016. The vessels were originally due for delivery in the fourth quarter of 2015.

The company currently operates 70 vessels and has 19 newbuildings under construction at shipyards in Japan and China, expected to be delivered through 2016.

On a fully delivered basis, Star Bulk, formed in December 2006, will have a fleet of 84 vessels, with an aggregate capacity of 9.7 million dwt, with carrying capacities between 45,588 dwt and 209,537 dwt.

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